{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{4}{c}}
\toprule
                &\multicolumn{4}{c}{Earnings growth: Mean (percent)}\\\cmidrule(lr){2-5}
                &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}\\
\midrule
                &         &         &         &         \\
Posterior: Recession (a)&    0.013&    0.031&    0.016&-0.066\sym{*}\\
                &  (0.028)&  (0.024)&  (0.026)&  (0.034)\\
                &         &         &         &         \\
Posterior: Recession $\times$ (b) &   -0.046&         &         &         \\
High education  &  (0.040)&         &         &         \\
                &         &         &         &         \\
Posterior: Recession $\times$ (b) &         &-0.097\sym{**}&         &         \\
High earnings   &         &  (0.043)&         &         \\
                &         &         &         &         \\
Posterior: Recession $\times$ (b) &         &         &-0.077\sym{*}&         \\
Age$>$44        &         &         &  (0.043)&         \\
                &         &         &         &         \\
Posterior: Recession $\times$ (b) &         &         &         &0.098\sym{**}\\
Female          &         &         &         &  (0.043)\\
                &         &         &         &         \\
Pr(a+b)=0       &    0.249&    0.060&    0.082&    0.214\\
                &         &         &         &         \\
Observations    &     1118&     1118&     1118&     1118\\
                &         &         &         &         \\
First stage F-stat (a)&    52.66&    47.32&    50.07&    28.02\\
First stage F-stat (b)&    74.26&    71.38&    67.37&    68.92\\
\bottomrule
\end{tabular}
}
